A Look at Value - Asbury Park Condos

Asbury Park so much history in this year the boardwalk and downtown is still going through a rejuvenation that seems to be helping the City economy but being in the real estate business sales are still a bit sluggish and prices still adjusting.  We’ll have to see what 2011 has to offer the Real Estate Market while NJ goes through high unemployment, high taxes and the crazy high price of gas.

ANALYSIS OF THE CITY OF ASBURY PARK CONDO MARKET – The highest closed in 2006 was located at 1501-1302 Ocean Avenue located at the North Beach high rise.  This high rise has seen more closed listings but certainly not at that price.  As far as most closed sales the BEST YEAR AWARD should go to 2008, overall I think it was the best year for the condo market.  In 2010 not even the buyer tax credit boosted the sales much more, stay tuned.  The summer season could bring in more respectable numbers, we’ll see.

BUYERS COME TAKE A LOOK, THERE ARE SOME GREAT DEALS TO BE HAD—COME VACATION OR LIVE YEAR ROUND—ASBURY PARK IS BECOMING MORE AND MORE  A VERY HIP PLACE TO BE.

ASBURY PARK, NJ CLOSED AS REPORTED THROUGH THE MLS BY YEAR – TAKE A LOOK AND COMPARE

January 1, 2006 – December 31, 2006

Status      Total        Avg Price                 Median                   Low                         High                  Avg DOM

CLS          53            $254,387                 $199,000                 $85,000                   $1,150,000              89

January 1, 2007 – December 31, 2007

Status      Total        Avg Price                 Median                   Low                         High                  Avg DOM

CLS          68            $273,885                 $235,000                 $117,500                 $745,000                 101

January 1, 2008 – December 31, 2008

Status      Total        Avg Price                 Median                   Low                         High                  Avg DOM

CLS          62            $344,154                 $289,950                 $93,975                   $705,000                 82

January 1, 2009 – December 31, 2009

Status      Total        Avg Price                 Median                   Low                         High                  Avg DOM

CLS          62            $264,212                 $214,700                 $108,000                 $708,000                 106

January 1, 2010 – December 31, 2010

Status      Total        Avg Price                 Median                   Low                         High                  Avg DOM

CLS          62            $264,268                 $230,000                 $112,000                 $550,000                 111

This CMA is not an appraisal and should not be considered the equivalent of an appraisal.
--Information deemed reliable but not guaranteed--Copyright: 2011 by the Monmouth County Association of REALTORS®
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